UBS Account Fees a Rip-Off

UBS Account Fees a Rip-Off

Posted in the Ubs Ag Forum


Malvern East, Australia

#1 Nov 17, 2011
I am a Swiss living in Australia since 1983 and have had accounts with SBS then UBS for over 40 years. I opened UBS accounts for my Australian children and godchildren to deposit a little something every year so that they had a little bit of pocket money when they visit Switzerland. The sums are not great, but I felt good about saving with what was a reputable Swiss bank. How wrong I was!
Since June 2011, UBS are taking SFR 30 every month from each account worth less than SFR 50'000 on the flimsy pretext that it cost them more to manage accounts for people living aboard.(Apparently, it costs them nothing to manage accounts worth over SFR 50'000, though). This is rapidly wiping out the patient small savings I had put in place over the years. UBS had sent a notification of this impost, but I did not know about this because all my UBS mail goes to my brother's address in Switzerland (the bank had advised me to do it that way when I left Switzerland, to save costs). I only found out about this rip-off in November after I visited Switzerland and got my mail. I rang UBS in Zurich to explain my situation and seek a reversal of these fees and was told 'It is not our problem if you do not read your mail'. So much for UBS customer empathy.
Another Swiss bank called Raiffeisen only charges Sfr 8 per annum for accounts held by overseas persons, 45 times less than UBS's SFR 360 per annum. How can UBS justify such fees? It seems to me that the fee has nothing to do with costs, but is rather just a lousy grab for money, preying on small account holders. I am now moving all accounts from UBS, and warn everyone to stay away from that bank. A bank that abuses its small depositors in such fashion is not worthy of anyone's trust and confidence, regardless of how much money is in your account.

Dunedin, New Zealand

#2 Jan 20, 2012
I agree, damn pricks. I knew I wouldn't get a refund either so I just bit the bullet. No point in revving up the poor bastard on the phone.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Ubs Ag Discussions

Title Updated Last By Comments
News Bank of America Cuts This High Profile Name (Mar '13) Aug '14 PULTEGROUP is a RICO 4
News Make requests that are 'justified': Swiss banks... (Jul '14) Jul '14 williamscharles71 2
News Wall Street gets creative with bonuses (Feb '13) Apr '14 hubertfields00 5
News UBS axes 3,500 jobs in cost-cutting push (Aug '11) Mar '14 Jonell 2
News Credit Suisse will open private banking branch ... (Jun '08) Mar '14 Celle 6
News Detroit Cancels Swaps Forbearance Deal With Bof... (Feb '14) Feb '14 dariusrickard 2
News Judge rejects house arrest bid by jailed ex-UBS... (Nov '13) Nov '13 Nicknat 1
More from around the web